Smart Glass Market to grow at 17.2% CAGR through 2027

The global smart glass market size is anticipated to reach USD 15,788.0 Million by 2027, owing to the rise in the use of smart glass for different applications such as aerospace, marine, architectural, and automotive.

Smart glass or switchable glass is glazing or a glass with altered transmission properties as and when heat, light, or voltage is applied. They are capable of changing their appearance from opaque to translucent to transparent as per the needs of the user and help to maintain factors such as natural daylight, sound, temperature, and solar head absorbed by buildings. Smart glass is utilized mainly in commercial buildings where it is essential to control the operative environment.

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Highlights of the Report

The report offers a comprehensive overview of the market and its prime growth trajectories including growth restraints, drivers, challenges and upcoming opportunities. The report discusses the market segmentation based on factors such as technology, application, and geographies. It also discloses the names of the leading segments and their market figures.

Besides this, the report throws light on major industry developments, current smart glass market trends, and other interesting insights into the market. Significant players operating in the market are listed in the report with the major strategies adopted by them to gain a competitive edge in the market. The report is available for sale on the company website.

Driving Factors

Increasing Demand from Healthcare Industry will Drive Market

Major factors responsible for the smart glass market growth includes the rising demand from architectural, transportation, and automotive applications. Additionally, the rise in environmental concerns, coupled with the rising number of smart and green buildings and are propelling the need for electrochromic windows in residential, commercial, as well as industrial buildings, thereby boosting the market.

However, high cost of material, installations, and electricity costs and functional features such as speed control, transparency degree, and dimming possibilities may pose a major challenge to the market. Nevertheless, a lead analyst at Fortune Business Insights say, “the healthcare industry uses smart glass for maintaining privacy and this reduced the use of curtains and blinds in operating rooms. Therefore, the increasing demand from healthcare industry will aid in expansion of the market in the forecast period.”

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Competitive Landscape

Key Players to Make Massive Investments in R &D

Significant smart glass market manufacturers such as Hitachi Chemicals and Gauzy are investing into world-class research and development for the production and engineering of electronically dimmable windows. They have invested about 200 million and more for providing the most comfortable, safe, and functioning glass for passenger airplanes to avoid glares and heat into the cabin. Other players are entering into collaborations such as mergers and acquisitions, contracts and agreements, and others so as to attract significant smart glass market revenue in the coming years.

Regional Segmentation

Europe Dominating Market with Germany as the Leading Nation

Geographically, North America generate a revenue of USD 1.31 billion in 2018 but Europe held the largest smart glass market share with Germany. This is owing to the increasing demand from the automotive and transportation sector, coupled with increasing utilization in architectural applications. In North America, the U.S. is the largest contributor of the market attributed to the increasing number of end-use industries namely consumer electronics, and healthcare.

On the other side, the market in Asia Pacific will witness steady growth with China leading the region, on account of the booming construction and automotive industries. Besides this, growing urbanization and rapid urbanization in developing nations such as India and China are anticipated to increase the need for smart glasses for various institutes, hospitals, commercial and residential buildings.

Key Industry Developments of the Smart Glass Market Include:
April 2016 – SageHlass and PPG Company entered into partnership for helping architects create visually compelling, comfortable and sustainable building designs.

June 2016 – Kindestral Technologies and AGC Group signed a collaborative agreement for developing next-generation dynamic glass products.

List of Significant Manufacturers in Smart Glass Market are;

BSG Glass
Gauzy Ltd and Entities
Central Glass Co., Ltd.
SCHOTT AG
NSG Group
Essex Safety Glass
Scienstry, Inc.
Asahi India Glass Ltd.
Research Frontiers
Asahi Glass Co., Ltd.
Glass Apps
SPD Control Systems Corporation
Pleotint LLC
Smartglass International Limited
Polytronix, Inc.
Corning
GENTEX CORPORATION
View
Saint-Gobain
Other Players

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This release was published on openPR.